End-to-end automation for accounts payable processes
Organizations that manage their Accounts Payable (AP) processes manually often need to deal with higher invoice processing costs, operational inefficiency, and countless hours of mundane, repetitive tasks. A recent study by Ardent Partners reports that less than 25% of AP departments are able to process invoices in a straight-through manner.
Customer Success Story
Large Healthcare Provider
- Over 50% of the invoices were received through email, requiring constant monitoring, identification, and querying of vendor emails.
- Manual pre-processing of the invoices and vendor follow-ups took up to 70% of the employee’s time, resulting in a high number of manual errors.
- The existing OCR engine only provided 40% Straight-Through-Processing (STP) with over 20% error rate.
The accounts payable processes were manual and tedious, resulting in the following pain points:
HighIQ’s solution, Oscar, provided end-to-end intelligent automation of the accounts payable process in the cloud including:
- Monitoring and managing invoices delivered via email
- Pre-processing of invoice data without errors
- Automatic extraction of invoice data
- Multi-step validation and approval workflows
- Integration with the ERP system to process the invoices
Oscar enabled the automation of manual processes, helping the customer realize the return on investment (ROI) quickly and provided the following benefits:
- 75% straight-through-processing (STP) due to improved accuracy of invoice processing, elimination of manual errors, and real-time reporting
- Reduction in late payments and improved vendor statement reconciliations
- 25% increase in overall operational efficiency
Email Manager: Monitor and manage semi-structured vendor emails, invoice attachments, and queries to
ensure proper communication.
Pre-Processor: Enables higher straight-through-processing (STP) by cleaning up invoice data - invoices and statements classification, removing pecial characters, splitting single document into multiple invoices and, removing redundant pages.
Amazon Textract + Oscar: Extract relevant invoice information from vendor invoices, perform multiple validations and match the data to their respective fields. Trigger different workflows for PO-based and nonPO-based invoices.
HighIQ User Board (HUB): View real-time reporting dashboards and configure automation workflows. Also, view the invoices processed, track their status, and make changes as required.
ERP Integrator: Input invoice data into the ERP system (Oracle EBS, SAP, NetSuite, etc.) for payment processing, without disrupting existing systems.
HighIQ’s solution is powered by Automation Anywhere’s Robotic Process Automation, Amazon Web Services (AWS), and Amazon’s Textract, which automatically extracts text and data from scanned documents. The solution gives you access to HighIQ’s proprietary algorithms, vendor invoice management application, and account reconciliation toolkits. Deploy intelligent automation for your accounts payable processes instantly in your own secure AWS Cloud environment.
Oscar is available on AWS Marketplace as an Amazon Machine Image (AMI). Oscar is available with all the components you need to automate your AP processes. For the latest pricing for Oscar, visit the AWS Marketplace under the link:
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